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EECA and Prometheus Finance in Hot Water Together

EECA and Prometheus Finance in Hot Water Together

The Energy Efficiency and Conservation Authority (EECA) has announced Prometheus Finance Ltd is their preferred provider for the solar water heating finance assistance programme for 2006/07.

The programme, which has been running in its current form since 2004, can provide loans for more than 1,700 solar panel installations through the scheme in the coming year.

“We are thrilled to be awarded this contract for several reasons,” says Terry Creighton, Director of Prometheus Finance. “It will become a significant part of our loan portfolio, and it is completely consistent with our aim to assist New Zealand’s economy to a sustainable future.”

The ‘preferred provider’ status means that Prometheus Finance will be the sole provider of finance for this round of the EECA programme. The programme is designed to offer low-interest loans to install solar water heating in homes throughout the country.

Prometheus is encouraging investors to consider its Energy Saver term investment account, which will help build the fund from which loans can be made.

“By opting for this fund, investors can earn an attractive 6.75% interest while assisting New Zealand’s move to renewable energy,” says Mr Creighton.

Brian Cox, Executive Officer of the Solar Industries Association, welcomed Prometheus’ selection as preferred provider. “It’s a good ‘fit’ because solar water heating has significant environmental benefits and economic savings and both our Association and Prometheus Finance share very similar goals in that respect,” he says.

“Water heating represents up to 35 percent of a household’s power bill, so solar water heating offers significant potential for households to save electricity and money.”

Solar water heating installations in the past year were around 3,400 units, which is an increase of approximately 37% on the previous year’s sales.

“The finance assistance programme is a significant help in building total installations towards our industry target of 10,000 installations per year,” says Mr Cox.

To secure a loan, householders need to apply to an accredited supplier from the Solar Industries Association. With 16 accredited suppliers and nearly 350 approved installers, the programme covers all regions in New Zealand.

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